Select Harvests (SHV) H1 2025 earnings summary

Executive summary

• Net profit after tax for 1H FY2025 was $28.7 million, reversing a prior year loss, driven by higher almond prices, disciplined cost control, and a $5.8 million one-off gain from water rights sales.

• EBITDA rose to $60.7 million, a 226.3% increase year-over-year, reflecting strong operational performance.

• Safety and sustainability remain priorities, with improved TRIFR and ongoing ESG initiatives.

• No interim dividend declared; full-year dividend decision pending.

• Strategic transformation focuses on increasing almond volumes, processing efficiency, and digital enablement.

Financial highlights

• Revenue increased to $104.5 million, up 54.1% year-over-year; operating cash flow improved by $30.7 million to $7.5 million.

• Net debt reduced to $168.2 million, with gearing ratio improved to 32.7% from 58% prior year.

• Earnings per share rose to 20.2 cents, up from a loss of 2.0 cents per share.

• Return on capital employed increased to 6.1% from 0.5% in the prior period.

• EBITDA margin and cash flow metrics significantly improved.

Outlook and guidance

• 2025 almond crop forecast is 24,000–26,500 MT, with a forecast price of $10.35/kg; 86% of crop hedged at AUD/USD 0.648.

• 60% of the 2025 crop contracted at the forecast price; 42% of volumes contracted as of May 2025.

• Second half earnings expected to improve as crop sales and cash receipts are realized.

• Cost pressures anticipated in 2026 from higher fertilizer and water prices, but ongoing cost initiatives to offset.

• No interim dividend declared for the half-year.